BTCUSDT experienced two consecutive days of price gains over the weekend. However, on Saturday, the daily candlestick formed a bearish pin bar pattern with a long upper shadow and a close at the midpoint, indicating resistance from sellers in the upper range. Sunday's daily candlestick saw a modest increase but traded within a narrow range, failing to surpass Saturday's high. In summary, the two-day price increase doesn't suggest a significant upward pressure.
On the BTCUSDT H4 chart, the price continues to consolidate within a relatively tight range. Given that the BTCUSDT D1 chart has been in an overbought condition for several recent price bars, and the H4 chart typically trends upwards before consolidating, the prudent approach at this moment is to await a price decline towards key support levels before considering long positions. Avoid chasing the price higher to minimize the risk of falling into bull traps, as analyzed on the daily chart.
On the BTCUSDT H4 chart, the price continues to consolidate within a relatively tight range. Given that the BTCUSDT D1 chart has been in an overbought condition for several recent price bars, and the H4 chart typically trends upwards before consolidating, the prudent approach at this moment is to await a price decline towards key support levels before considering long positions. Avoid chasing the price higher to minimize the risk of falling into bull traps, as analyzed on the daily chart.
